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https://doi.org/10.1016/j.jbankfin.2004.07.003
Title: | Ownership and operating performance of Chinese IPOs | Authors: | Wang, C. | Keywords: | Concentration of ownership Initial public offerings Operating performance Ownership |
Issue Date: | 2005 | Citation: | Wang, C. (2005). Ownership and operating performance of Chinese IPOs. Journal of Banking and Finance 29 (7) : 1835-1856. ScholarBank@NUS Repository. https://doi.org/10.1016/j.jbankfin.2004.07.003 | Abstract: | We examine changes in operating performance of Chinese listed companies around their initial public offerings, and focus on the effect of ownership and ownership concentration on IPO performance changes. We document a sharp decline in post-issue operating performance of IPO firms. We also find that neither state ownership nor concentration of ownership is associated with performance changes, but there is a curvilinear relation between legal-entity ownership and performance changes and between concentration of non-state ownership and performance changes. Our results are robust to different performance measures and industry adjustments. These findings suggest that agency conflicts, management entrenchment, and large shareholders' expropriation co-exist to influence Chinese IPO performance, and the beneficial and detrimental effects of state shareholdings tend to offset each other. © 2004 Elsevier B.V. All rights reserved. | Source Title: | Journal of Banking and Finance | URI: | http://scholarbank.nus.edu.sg/handle/10635/44517 | ISSN: | 03784266 | DOI: | 10.1016/j.jbankfin.2004.07.003 |
Appears in Collections: | Staff Publications |
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